Constraints on credit, consumer behavior and the dynamics of wealth
This paper develops a simple macroeconomic model where the pattern of wealth accumulation is determined by a credit multiplier and the way households react to short-term fluctuations. Given this setup, long term wealth dynamics are eventually characterized by the presence of endogenous cycles.
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| Format: | Article |
| Language: | English |
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Faculty of Economics, Belgrade
2009-01-01
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| Series: | Ekonomski Anali |
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| Online Access: | http://www.doiserbia.nb.rs/img/doi/0013-3264/2009/0013-32640982119G.pdf |